Ted Godbout
By Ted Godbout 12/4/2020
Congress faces a government funding deadline, while a bipartisan group of lawmakers push for emergency COVID-19 relief, but it’s not clear whether there will be an opening for retirement relief.
Time is running short, as Congress is facing a Dec. 11 deadline to approve either a catch-all funding...
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By Ted Godbout 12/3/2020
Lifetime income solutions can help millions better manage the spend down challenge in retirement, but a new study finds that these instruments still have not been widely embraced by consumers or plan administrators.
According to the study, “Lifetime Income to Support Longer Life: Retirement...
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By Ted Godbout 11/30/2020
Facing economic uncertainty and market volatility at the onset of COVID-19, employee usage of company financial wellness programs surged, according to a recent survey of retirement plan decisionmakers.
Prudential’s 2020 Plan Sponsor Pulse Survey of nearly 700 retirement plan decisionmakers found...
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By Ted Godbout 11/19/2020
In a Nov. 17 comment letter on the Department of Labor’s interim final rule on lifetime income illustrations (LIIs), the American Retirement Association offers support for the rule, but recommends changes in certain key areas.
“The ARA believes that the IFR strikes the right balance with...
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By Ted Godbout 11/16/2020
The Department of Labor’s final rule preventing plan fiduciaries from selecting investments based on non-pecuniary considerations and requiring them to base investment decisions on financial factors was published in the Nov. 13 Federal Register.
The final rule—which moved away from the proposed...
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By Ted Godbout 10/30/2020
The Department of Labor is working on a guidance package addressing cybersecurity issues as they relate to plan sponsors and third-party providers, a key official said Oct. 28.
Addressing SPARK’s Cybersecurity Virtual Event, Tim Hauser, Deputy Assistant Secretary for National Office Operations...
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By Ted Godbout 10/30/2020
Total monetary recoveries by the Department of Labor’s Employee Benefits Security Administration (EBSA) enforcement and oversight activity in fiscal year 2020 apparently hit a record.
According to an annual fact sheet released by the agency, EBSA recovered more than $3.1 billion in direct...
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By Ted Godbout 10/28/2020
Two Republican members of the House of Representatives are pushing back on state and local efforts to impose financial transaction taxes that would impact non-residents.
Rep. Patrick McHenry (R-NC), the ranking Republican member of the House Financial Services Committee, and Rep. Bill Huizenga (...
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By Ted Godbout 10/27/2020
The chairman and ranking member of the powerful U.S. House Ways & Means Committee have introduced a sequel to the SECURE Act—but have taken a step backward on e-delivery.
Ways & Means Committee Chairman Rep. Richard Neal (D-MA) and Rep. Kevin Brady (R-TX), the ranking Republican on the...
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By Ted Godbout 10/23/2020
As the impact of COVID-19 on retirement continues to emerge, new survey results show that many workers and retirees are optimistic about their financial future, while others say the pandemic has permanently impacted their ability to save.
Particularly for workers whose employment has been...
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By Ted Godbout 10/21/2020
Witnesses testifying at a hearing before the New Jersey state legislature voiced strong opposition to a proposed financial transaction tax that would impact retirement plans.
At the Oct. 19 hearing held by the New Jersey Assembly Financial Institutions and Insurance Committee, 17 organizations...
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By Ted Godbout 10/20/2020
Illinois employers that have failed to register for the Secure Choice program and don’t offer their own retirement plan should take note that the Prairie State plans to step up enforcement of the program’s mandates next year.
“We are planning to begin enforcement next year for our employers who...
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By Ted Godbout 10/16/2020
Release of the Department of Labor’s final rule addressing environmental, social and governance (ESG) factors in selecting plan investments appears to be imminent.
Following a 30-day comment window that ended July 30 and more than 8,000 comment letters, the DOL on Oct. 14 submitted a final rule,...
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By Ted Godbout 10/9/2020
In response to the Department of Labor’s proposed rule addressing fiduciary duties concerning proxy voting, the Plan Sponsor Council of America says that its “primary concern” is that it is “not needed.”
“Existing guidance regarding fiduciaries’ duties relating to securities held in portfolios of...
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By Ted Godbout 10/5/2020
Amid ongoing negotiations with Trump administration officials, the House of Representatives moved forward on its own Oct. 1, approving a scaled-back economic relief bill with targeted retirement provisions.
The revised HEROES Act (H.R. 925, as amended) was approved by the House on a near-party-...
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By Ted Godbout 9/25/2020
A continuing resolution approved by the House of Representatives to temporarily fund the government all but assures that a lame-duck session will happen. Here’s what that could mean for retirement relief.
The House of Representatives late Sept. 22 approved continuing appropriations legislation (...
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By Ted Godbout 9/23/2020
While contributions to health savings accounts (HSAs) are still negligible compared with retirement plans, a new report suggests that the industry is expected to evolve during the next several years.
Employers’ focus on financial wellness and the increased involvement of retirement providers (...
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By Ted Godbout 9/22/2020
Democratic Governor Phil Murphy and the Democratic-controlled legislature are set to approve a $32 billion budget for fiscal year 2021 before the Sept. 30 deadline that will increase taxes on high-income individuals and reinstate a 2.5% corporate surtax to help address the state’s widening budget...
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By Ted Godbout 9/17/2020
Workforce agility is vital to the future success of organizations, but agility gaps are widespread, according to the results of a new survey focused on how companies are rethinking their human capital strategies in response to the COVID-19 pandemic.
Globally, 84% of survey respondents view...
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By Ted Godbout 9/16/2020
For a majority of Americans, they apparently would prioritize saving for retirement, according to the results of a new consumer survey.
In fact, Voya Financial’s survey of more than 1,000 U.S. adults finds that more than half (55%) of individuals said they would prefer to save enough to last...
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